Champion boxer Manny Pacquiao is throwing his weight behind a prepaid debit card featuring a remittance service that the product’s marketer primarily will promote to Filipinos living in the U.S.
Pacquiao, who also is a Philippines senator, is an advisor and spokesperson for the 24/7 Visa card, according to Gordon Ho, chief marketing officer for 24/7 Card Inc.
“He is probably the most popular and influential Filipino right now, and having his support helps us gain credibility and penetration with Filipinos in the U.S.,” Ho tells PaymentsSource.
Cardholders may transfer funds from the prepaid account to recipients either through a dedicated website or by phone, and senders may transfer funds to a recipient’s bank account in the Philippines. 24/7 Card has partnerships with the majority of major banks in the country, Ho says.
Senders enter the recipient’s bank account information into designated fields on the website. That information is saved for future transfers. Funds then are transferred from the sender’s prepaid account into the recipient’s bank account.
Recipients also may retrieve cash from designated locations such as banks and “pick-up centers” such as pawnshops and other merchants, Ho adds. Senders also may choose to have cash delivered to the recipient’s home in areas of The Philippines where that service is available.
Cardholders who deposit funds into their card account using direct deposit or transfer the value from a bank account pay $5.95 to send as much as $2,500 using the remittance feature, Ho says. Other users pay $7.95.
By comparison, an online Western Union Co. transfer to The Philippines costs about $14 to send $2,500.
24/7 Card is offering consumers three pricing plans for the card, which costs nothing to obtain.
The “Pay As You Go” plan is designed for cardholders who make infrequent purchases or ATM withdrawals. That plan has no monthly maintenance fee, but 24/7 Card charges $1 per purchase and $2 per ATM withdrawal.
The “Value Plan” has a promotional $6.95 monthly maintenance fee but allows unlimited purchases at no charge. That plan also includes one free ATM withdrawal per month. The monthly fee rises to $9.95 after the promotion period ends.
24/7 Card recommends its “Premium Plan” for consumers who would use the remittance feature at least once per month. The company charges a promotional $11.95 monthly fee that includes one free remittance per month. The monthly fee rises to $14.95 after the promotion period ends.
Central National Bank issues the card. Fidelity National Information Services, or FIS, processes the transactions.
24/7 Card eventually plans to market the card to immigrant communities in the U.S. representing 20 countries, Ho says.
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